If This New Tech Works, You Won’t Need 32 Ether to Earn Staking Rewards
Blox, a non-custodial Ethereum 2.0 staking platform, is developing a solution that will allow users to pool their ether (ETH) cryptocurrency to get past the threshold required for staking when the upgraded network goes live.
- The cryptocurrency accounting service provider announced on Wednesday it is working alongside the Ethereum Foundation to develop “secret shared validator” nodes.
- By creating a network of decentralized staking pools, Blox said it would allow users to aggregate their ETH and reach the required 32 ETH to stake on the network.
- “Allowing ETH stakers to join the network and generate rewards with any amount of ETH is pivotal for making Eth 2.0 accessible for everyone,” said Blox’s CEO Alon Muroch.
- Staking on Eth 2.0 requires a minimum of 32 ETH in order to participate and is expected to see an estimated 4.6%-10.3% rate of return on a user’s initial stake.
- According to Blox, the entire process is “completely decentralized” and will enable “maximum security” for the Ethereum network and for those users looking to stake on it.
- The long-anticipated Eth 2.0 upgrade will reshape the world’s largest smart contract platform as it transitions from proof-of-work (PoW) to proof-of-stake (PoS).
- The move away from PoW to PoS is designed to improve upon Ethereum’s scalability issues stemming from its inability to handle a large number of transactions.
- Muroch will discuss the initiative in greater detail on Wednesday at CoinDesk's invest: ethereum economy virtual conference.
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